P16-6B Manifesto Publishing Company completed the following transactions: May Sold inventory on account to Marconi Telegraph, an Italian public utility, for $19,000. The exchange rate of the Italian lira is $0.0007, and Marconi agrees to pay in dollars. 10 Purchased supplies on account from a Canadian company at a price of Canadian $38,000. The exchange rate of the Canadian dollar is $0.80, and payment will be in Canadian dollars. 17 Sold inventory on account to an English firm for 112,000 British pounds. Payment will be in pounds, and the exchange rate of the pound is $1.50. Collected from Marconi Telegraph. 22 June 18 24 Paid the Canadian company. The exchange rate of the Canadian dollar is $0.77. Collected from the English firm. The exchange rate of the British pound is $1.47. Required 1. Record these transactions in Manifesto Publishing's journal, and show how to report the net foreign-currency gain or loss on the income statement. Explanations are not required. 2. How will what you learned in this problem help you structure international transactions?